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Essex Rental Corp. Announces Additional Reductions In Operating Expenses

The following excerpt is from the company's SEC filing.


Essex Rental Corp. (Nasdaq: ESSX) ("Essex" or the "Company")

today announced a reduction in force to align operating expenses with business conditions. The number of employees was reduced by approximately 8% and the reduction is expected to result in over $1.7 million of annual cost savings. These savings, in addition to the previously announced corporate governance changes, will result in total annualized savings of approximately $2.2 million.

Nick Matthews, Essex's Chief Executive Officer, stated, "We made the difficult decision to eliminate a number of positions within the Company in order to help reduce expenses and improve profitability. We continue to believe that our business is in the midst of a gradual improvement, and while these decisions are never easy, I am confident the reductions were necessary and in the best interests of all stakeholders."

The Company expects to record total charges related to these actions of approximately $0.1 million during the third quarter of 2015. These charges consist primarily of termination benefits, including severance, which are expected to be settled in cash.

About Essex Rental Corp.

Essex, through its subsidiaries, is one of North America's largest providers of rental and distribution for mobile cranes (including lattice-boom crawler cranes, truck cranes and rough terrain cranes), self-erecting cranes, stationary tower cranes, elevators and hoists, and other lifting equipment used in a wide array of construction projects. In addition, the Company provides product support including installation, maintenance, repair, and parts and services for...